Evercore Partners is buying Neuberger Berman's private funds placement business.
Neuberger Berman will receive earnout payments for an undisclosed period, but other terms of the deal were not revealed — including how much Evercore Partners is paying for the business.
The business will be known as Evercore Private Funds Group and will be headquartered in London.
Richard Anthony, Neuberger managing director in London, will head the Evercore Private Funds Group. That group initially will have eight professionals, all from Neuberger Berman's private funds placement business.
The placement agent group was part of Neuberger Berman's management buyout of Lehman Brothers' private equity business.